Interim Security: A Collateral Requirement for Loan Approval - Deal Acres

Interim security is collateral given by a borrower to a lender before the borrower deposits the entire security for a loan. which may be mortgaged elsewhere. Many people now face a difficult choice when considering whether or not to apply for a home loan because of the high costs of property and the high-interest rates on loans. A mortgage is required as security for a house loan because banks only make secured loans. A borrower may be required to provide additional security. often referred to as “interim security,” in certain circumstances. For the time being, the borrower must supply this form of collateral to the bank until the bank receives the entire security. Shares or other investments, as well as an insurance policy, with a surrender value equal to or greater than the loan amount, could be pledged as interim security.

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